People Capital, a Web resource for college students to obtain student loans via an online lending exchange, announced that it has closed a $500,000 round of Series B funding.
The Serious Change fund, helmed by investor Josh Mailman, led the round of financing.
People Capital will use the funding to accelerate technological development of its peer-to-peer lending platform which will offer a unique solution for students to finance their college educations. This platform is poised to provide funding for students in the fall 2009-10 academic year.
"We are delighted to welcome Serious Change as our new financial partner," said Tom Shelton, CEO of People Capital. "With this financial commitment, we will continue to develop our proprietary lending technology which, when launched, will help students receive more favorable private student loans for high education needs."
"Although peer-to-peer lending technology is not new, we had been looking for a company that could bring the technology to the next level, one that offers a responsible alternative to students wishing to take out loans for college," said Josh Mailman, head of Serious Change. "After extensive research, seeing the technology in action, and meeting company executives in person, we became convinced that People Capital presents by far the most exciting opportunity of companies in the peer-to-peer lending space."